BUA Secures $200m Afreximbank Loan to Fuel Business Expansion

BUA's Growth Plans Get $200m Afreximbank Funding Boost

“Our goal is sustainable growth that boosts Nigeria's self-sufficiency and Africa's global trade presence...”

Afreximbank provides $200 million facility to BUA Industries, boosting Nigeria's manufacturing sector and export potential.

BUA Industries Limited has secured a significant financial boost, courtesy of a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank). This substantial investment will propel the company's expansion plans, driving growth and development.

The facility's initial disbursement of $150 million was made on October 16, 2024. This timely injection of capital sets the stage for BUA's ambitious growth initiatives.

Abdul Samad Rabiu, Chairman of BUA, highlighted the vital importance of financial support in achieving the company's mission. “This funding will enable us to enhance our manufacturing capabilities and contribute meaningfully to Nigeria's infrastructure development,” he stated on Tuesday, November 12.

He said, “With Afreximbank's support, BUA can increase investments to strengthen industrial capacity and meet regional demand.”

Afreximbank's Executive Vice President, Kanayo Awani, emphasized the facility's transformative potential for Nigeria's manufacturing sector. “This partnership will enable BUA Industries to expand its industrial footprint, fortifying Nigeria's manufacturing capabilities and enhancing its export potential.”

“Our goal is sustainable growth that boosts Nigeria's self-sufficiency and Africa's global trade presence, creating jobs and building economic resilience.”

Kanayo Awani expressed enthusiasm for the collaboration, highlighting its far-reaching benefits. “By supporting BUA Industries, we anticipate significant job creation, reduced imports, and diversified exports – ultimately contributing to a substantial increase in Nigeria's GDP.”

“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification all contributing to a boost in Nigeria's GDP,” Awani stated.